MANILA, Philippines — The MVP Group is interested in acquiring Chevron’s 45 percent stake in the $4.5-billion Malampaya deep water-gas-to-power project in offshore Palawan, its chairman Manuel V. Pangilinan said yesterday. However, Pangilinan said his group is also interested in Chevron’s stake in Malampaya as it would have synergy with Service Contract 72, the contract that covers the disputed Recto Bank. Energy Secretary Alfonso Cusi confirmed that Chevron was in talks with buyers for the sale of its stake in Malampaya. Chevron and PNOC acquired their respective stakes in the Malampaya project from Shell in 1990. The MVP Group, through Manila Electric Co., Meralco PowerGen and Global Business Power, is a major power player in the country.

Source: Philippine Star November 11, 2019 18:42 UTC